BoJ Kuroda speech was just published, with the governor saying that the objetive of achieving the inflation target with 2 years in mind, adding that the BoJ easing will not necessarily be limited to just 2 years. He said that the easing is actually planned to last as long as needed to achieve sustainable prices. He pointed out on his speech that capital spending is the key element to monitor and improve to end the vicious deflation cycle.

Mr. Kuroda will make prompt policy adjustment as required on varies areas, prior examination of indicators such as the capex as mentioned, consumption, exports, conducting regular examinations every single month. Finally, he said to be confident BoJ can meet its bond buying target with purchases across the yield curve, adding that monetary policies do not have as a result the depreciation of the local currency but policies are aimed to end deflation, not to affect the Yen rate.https://support.fxcc.com/email/technical/12042013/

Upwards scenario: Yesterday high offers key resistance level at 1.3140 (R1). Clearance here is required to resume uptrend structure towards to next target at 1.3176 (R2) and any further price appreciation would then be limited to last resistance for today at 1.3212 (R3). Downwards scenario: Next challenge on the downside is seen at 1.3083 (S1). Breakthrough of this mark would open way for a downside expansion and could possibly trigger our initial targets at 1.3046 (S2) and 1.3008 (R3) later on today.